The State Comptroller Thomas DiNapoli's office warned again today that New York's tax collection efforts continue to lag behind projections. According to DiNapoli, the state is nearly $72 million behind estimates.
“Financial sector downsizing, as well as lower profits and bonuses on Wall Street, may result in lower than expected state revenues over the next several months," the Comptroller said in a statement. "The Personal Income Tax (PIT) actions taken by the governor and the Legislature this month should reduce projected deficits in the near-term, but balancing next year’s budget will again be a struggle, and current conditions add risk to the upcoming state budget."
DiNapoli said his office was projected lower tax returns for the next two years. Governor Andrew Cuomo's office had projecting a shortfall of $350 million for the current fiscal year, and an additional shortfall of as much as $3.5 billion next year. The tax reform package put together earlier this month reduced the estimated shortfall by $1.9 billion.